Nigeria, Libya, and Venezuela witnessed declines in crude oil production in October, diminishing the targeted output agreed by OPEC+ for the month.
Last month, OPEC itself added only 30,000 bpd to its output in October versus 330,000 bpd in the month prior as previously agreed by the Organization of the Petroleum Exporting Countries and its allies, OPEC+, according to a report by Reuters.
Nigeria’s oil outputs, which have hovered around 1.3 million barrels per day and 1.4 million barrels per day from January to June 2025, shot up to 1.5mb/d in July, before dropping to 1.4mb/d in August and then 1.3mb/d in September, according to statistics from OPEC’s Monthly Oil Market Report (MOMR) for October obtained by Channels Television on Wednesday.
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, blamed the drop in production at the time on the crisis between the Dangote Refinery and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
Oil prices dipped on Wednesday amid a wider slump in financial markets and a strong U.S. dollar, while investors assessed the supply outlook.
Brent crude futures edged lower by 6 cents, or 0.1%, to $64.38 a barrel by 05:08 AM WAT, having touched a near two-week low in the prior session. U.S. West Texas Intermediate crude was down 10 cents, or 0.17%, at $60.46. The OPEC Basket prices 0.26 cents or 0.39% to $66.72 per barrel.
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The risk-off tone across markets saw investors exit energy markets, ANZ analysts wrote in a Wednesday client note quoted by Reuters.
“Crude oil is trading lower … as risk sentiment shifted sharply negative, boosting the safe haven U.S. dollar, both of which weighed on the crude oil price,” IG market analyst Tony Sycamore said in a note quoted by Reuters.
Prices were also under pressure as the American Petroleum Institute said U.S. crude stockpiles rose in the week ended October 31, sources said, citing the API figures on Tuesday.
Supply-side concerns continued to weigh on prices.
The OPEC+ agreed on Sunday to increase output by 137,000 barrels per day in December.
The group decided to pause further increases in the first quarter of 2026.
However, the pause was “unlikely to offer meaningful support to November and December prices,” LSEG analysts said in a note.
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